Northern Cyprus bank accounts and payment systems.
The company account is opened with a local bank in Northern Cyprus (TRNC). Application documents are prepared by us; the decision to open an account rests with the bank concerned.
- Application documents are prepared by us
- Turkish lira and foreign currency account
- Card collection through a virtual POS
Corporate Bank Account.
The company's main account is held with a local bank in Northern Cyprus. The capital account is opened at the signing visit; once the company has been registered, the account is released for use.
- Local Northern Cyprus bank
The company's main account; opened in Turkish lira and foreign currency.
- Capital account
Opened at the signing visit; once registration is complete, the amount is released in the company account.
- Turkish banks
Working with them may be possible once the necessary assessments and approvals have been obtained.
Points the bank assesses
- Activity
The company's business activity and the existence of genuine commercial activity.
- Customers and suppliers
Your customers and suppliers, and the documents showing these relationships.
- Contracts and invoices
They form the basis of the transactions; additional documents may be requested for high amounts.
- Source of funds
The source of the funds to be transferred into the account.
Payment and Collection Channels.
International payment providers do not work with Northern Cyprus companies. Collections are made by bank transfer and through a local virtual POS; payments are transferred to the company account in Northern Cyprus.International payment institutions do not work with these companies; card payments are collected through a local virtual POS.
- Virtual POS (Tiko)Card sales
Card collection; the payment is transferred to the company account in Northern Cyprus.
- Turkish lira transferCustomers in Turkey
Payments in Turkish lira can be received from customers in Turkey.
- Foreign currency transferCustomers abroad
Payments from abroad are transferred through an intermediary bank in Turkey.
- StripeNot available
Northern Cyprus does not appear in its list of countries.
- PayPalNot available
Northern Cyprus does not appear in its list of countries.
Account Application Process.
No timeframe is given for the steps; the timetable is set by the bank.
Defining the requirement
The currency in which collections will be made, and from whom, is determined before formation.
Document preparation
Documents are requested at the outset for the bank's preliminary approval; the application documents are prepared by us.
Signing visit
You need to visit Northern Cyprus once; the capital account is opened at the bank during the same visit.
Registration and the bank's decision
Once the company has been registered, the bank is approached with the documents; the account is generally opened within 2-4 weeks.
Collections and accounting
Once the account is open, the virtual POS application is made; the monthly accounting service starts in the same month.
Account Opening: Required Documents.
Tick the documents you already hold; the remaining documents are prepared by us.
Requested from you
The first two documents are supplied at the formation stage; they are reused in the application submitted to the bank.
- A copy of your passport or identity card
- Description of the business activity, customers and suppliers
- Short statement on the source of funds
The list varies by bank; the full current list is shared before the application.
Frequently Asked Questions.
No. Banks decide independently, according to their own customer due diligence and risk policies. We provide support with preparation and guidance.
Generally within 2-4 weeks of the application. The time depends on the bank's review; the decision rests with the bank.
Yes, once. The documents are signed in Northern Cyprus and the company's capital account is opened at the bank during the same visit.
At a bank in Northern Cyprus, a corporate account is opened in Turkish lira and foreign currency. Holding foreign currency, entering into contracts denominated in foreign currency and transferring funds abroad are all permitted.
No. Northern Cyprus does not appear in the country list of either. Card collection is made through a local virtual POS; payments are transferred to the company account in Northern Cyprus.
Northern Cyprus companies may have limited direct access to international banks and to some international payment providers. The scope is narrower than for companies in the United Kingdom, the European Union or the UAE; we assess this together before formation.
No. An amount equal to the foreign shareholders' share is blocked at the registration stage; the block is lifted with the company registration documents and the amount becomes available in the company account.
It may review the company's activities, customer and supplier relationships, contracts, invoices and the source of funds. For high-value or unusual transactions, it may request additional documents.
The month in which the bank account is opened is the first month of the monthly accounting service. Until then, the company is regarded as inactive.